Question

Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $40,000 and $58,600. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. (Round your answers up to the nearest whole number.) What is the planning value for the population standard deviation? (a) How large a sample should be taken if the desired margin of error is $500? (b) How large a sample should be taken if the desired margin of error is $300? (c) How large a sample should be taken if the desired margin of error is $100? (d) Would you recommend trying to obtain the $100 margin of error? Explain.

          Annual starting salaries for college graduates with degrees in
business administration are generally expected to be between
$40,000 and $58,600. Assume that a 95% confidence interval estimate
of the population mean annual starting salary is desired. (Round
your answers up to the nearest whole number.) What is the planning
value for the population standard deviation?
(a) How large a sample should be taken if the desired margin of
error is $500?
(b) How large a sample should be taken if the desired margin of
error is $300?
(c) How large a sample should be taken if the desired margin of
error is $100?
(d) Would you recommend trying to obtain the $100 margin of
error? Explain.

Added by Lynn M.

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